ADA Price Prediction: Demand Pressure at Key Support Hints Cardano Price Rally to Extend 12%

Cardano (ADA) Price 2023

ADA price Prediction: Amid the recent recovery in the crypto market, the Cardano price showcased A v-shaped recovery from $0.3 psychological support. The bullish rally recorded a 28% gain within a fortnight and pushed the prices to $0.38 resistance. However, over the last five days, the ADA price showed long-wick rejection at the $0.38 ceiling indicating the exhausted bullish momentum. Has the recovery rally ended?

Key Points: 

  • A lower-price rejection candle at $0.345 resistance indicates the buyers are defending the recently reclaimed levels.
  • The daily EMAs(20, 50, and 100) moving near $0.375 creates a strong support zone for buyers.
  • The intraday trading volume in the ADA coin is $251 Million, indicating a 29% loss

ADA Price PredictionSource- Tradingview

With the increasing FUD in the crypto market, the ADA price turned sideways and started wobbling between the $0.38 and $0.354 levels. Today, the Cardano coin price witnessed a 0.6% intraday loss and tried to breach $0.354 support. 

If the coin price manages to hold above the aforementioned support, the coin buyers will get an additional confirmation for price sustainability at a higher price and the possibility of uptrend resumption.

This ongoing price consolidation could replenish the bullish momentum and offer a long-entry opportunity at $0.354. Thus, the coin holders can witness a range-bound momentum for a few more trading days before the buyers kick in.

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A potential breakout from $0.38 will prolong the recovery rally 12% higher hitting the $0.42 mark.

Conversely, a daily candle closing below $0.354 will weaken the bullish thesis

Technical Indicator

Relative Strength Index: the daily RSI slope reenters bullish territory indicating a sustained recovery rally in ADA price.

Bollinger Band: the ADA price hitting the Bollinger band indicator’s overhead resistance suggests the traders went overboard with buying activity and thus a minor correction is needed to stabilize the bullish trend.

Cardano Coin Price Intraday Levels

  • Spot price: $0.358
  • Trend: Bearish
  • Volatility: High
  • Resistance level- $0.38 and $0.4
  • Support level- $0.354 and $0.32

The post ADA Price Prediction: Demand Pressure at Key Support Hints Cardano Price Rally to Extend 12% appeared first on CoinGape.

Crypto Feed:
Brian Bollinger